Top Lenders & Best Picks for You

Best Personal Loans in Sacramento, CA

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Updated: December 28, 2023

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WHAT WE’RE GEEKING OUT ON

MoneyGeek's Picks for Best Personal Loan Lenders in Sacramento, CA

MoneyGeek reviewed the top personal loan lenders in Sacramento based on more than 35 data points. These included lender affordability and accessibility, interest rates, terms, minimum credit score and income requirements, origination and late fees, disbursement time, customer service, BBB ratings and other features.

Based on our evaluation, LightStream offers the best personal loans in Sacramento. But, depending on your needs, another lender may be right for you. For example, SoFi is a suitable lender for borrowers with good credit scores, while Upstart is the best lender for those with poor credit. For those seeking a personal loan to consolidate debt or fund home improvement, the best lenders are Upgrade and Best Egg, respectively.

Best Overall Personal Loan Lender in Sacramento: Lightstream


  • LightStream
    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    LightStream was formed in 2012 as a division of Truist Bank. It received an A+ rating from the Better Business Bureau (BBB) for its consistently high customer satisfaction record.

    LightStream loans are available from $5,000 to $100,000 at relatively low interest rates between 2.49% and 20.49%. However, a high minimum credit score of 660 is required for personal loans. Those that qualify aren’t subject to hidden fees, like origination fees, late fees or prepayment penalties. Borrowers can also save 0.5% with the lender’s autopay discount.

    The personal loan has a few restrictions on the usage of its funds; it cannot be used to refinance an existing loan with LightStream, fund business loans, purchase stocks or bonds or fund illegal activities.

    Pros

    • Same-day funding available
    • High loan limit
    • No origination fee, late fee or prepayment penalty
    • Autopay discount
    • Mobile application available

    Cons

    • High minimum credit score requirement
    • Inflexible payment due dates
    • No pre-qualification option
    • Restrictions on the use of funds
    • Hard credit checks
    LightStream

Best Personal Loan Lender for Bad Credit in Sacramento: Upstart


  • Upstart
    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Founded in 2012 by former Google employees, Upstart is a lending platform that uses artificial intelligence (AI) to streamline and improve access to affordable credit. It received an A+ rating from the Better Business Bureau.

    Through its advanced AI technology, prospective loan applicants can easily apply online. However, bankers may contact you to verify your information as an added security precaution. This lender is best for borrowers with no credit history that need a loan quickly.

    Upstart offers loans ranging from $1,000 to $50,000, repayment terms from 36 to 60 months and interest rates between 3.09% and 35.99%. Borrowers may use their Upstart loans for debt consolidation, moving expenses, home improvement projects, medical expenses and even for miscellaneous expenses like weddings or business development.

    Though Upstart is friendly to borrowers with a poor credit history, those with a bad credit or financial history should be aware of receiving potentially high interest rates. Several fees, including those for loan origination and late payments, are also features of this lender’s loan products.

    Pros

    • No minimum credit score requirement
    • No restrictions on the usage of funds
    • Low minimum gross income requirement
    • Soft credit inquiry
    • Next-day funding available

    Cons

    • Co-signers are not allowed
    • Origination fees
    • Potentially high interest rates
    • Mobile application not available
    • Debt to income (DTI) limit of 45% or less
    Upstart

Best Personal Loan Lender for Good Credit in Sacramento: SoFi


  • SoFi
    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    SoFi was founded in 2011 as Social Finance. It offers a broad range of loans and other products to its customers. The Better Business Bureau (BBB) awarded SoFi an A+ rating, indicating it provides exceptional customer service.

    Those with a good credit score of at least 680 can receive same-day funding for up to $100,000. Moreover, when you set up autopayments, you save up to 0.25% on personal loan premiums. The lender also conducts soft credit checks that won’t impact your credit score. SoFi's unemployment protection program allows you to pause your payments if you unexpectedly lose your job. Customers aren’t charged origination fees, late fees or prepayment penalties.

    However, if you want someone to co-sign your loan, you should seek a different lender. Those who don't have a minimum yearly income of $50,000 or credit score of 680 are not eligible for a loan with this lender.

    Pros

    • No origination fee, late fee or prepayment penalty
    • High loan limit
    • Same-day funding available
    • Unemployment protection
    • Mobile application available

    Cons

    • DTI limit of 43%
    • Co-signers not allowed
    • High minimum credit score requirement
    • High gross minimum income requirement
    • Employment requirements
    SoFi

Best Personal Loan for Debt Consolidation in Sacramento: Upgrade


  • Upgrade
    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Though Upgrade was only recently established in 2016, it’s our top company for debt consolidation. This lender pays third-party lenders directly if you wish to consolidate your debts. Upgrade employs soft credit checks to ensure your credit score is not affected.

    Premiums are discounted by 1% when you set up automatic payments. Moreover, customers aren’t penalzied for prepaying their loans. Loan amounts vary from as small as $1,000 up to $50,000, making it suitable for both small and large expenses.

    On the other hand, Upgrade has a lot of restrictions on the usage of funds; you can’t use an Upgrade personal loan for post-secondary education, investments, illegal activities or gambling. Loans may also feature a higher interest rate depending on your credit score.

    Pros

    • Soft credit check
    • No prepayment penalty
    • Autopay discounts
    • No minimum income requirement
    • Pays creditors directly for debt consolidation

    Cons

    • Origination fees
    • Late fees
    • Potentially high interest rates
    • Co-signers are not allowed
    • Restrictions on the usage of funds
    Upgrade

Best Personal Loan for Home Improvement in Sacramento: Best Egg


  • Best Egg
    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Best Egg is an online lending platform that was started in 2014. It provides personal loans and other financial products to borrowers in 47 states.

    It received an A+ rating from Better Business Bureau. This lender conducts soft credit checks which do not affect your credit score. Those who set up automatic payments receive a 0.5% discount. Borrowers also aren’t penalized for early loan repayment.

    However, Best Egg has a minimum income requirement of $50,000 and credit score of 700. The lender also charges origination fees and late fees, increasing the cost of their personal loan products.

    Pros

    • Autopay discounts
    • Soft credit inquiry
    • Same-day funding available
    • Flexible due date
    • No prepayment fees

    Cons

    • High minimum credit score requirement
    • High minimum income requirement
    • Origination fee
    • Late fee
    • Co-signers not allowed
    Best Egg

How to Choose the Best Personal Loan Lender in Sacramento for You

People apply for personal loans for different reasons such as home improvement, debt consolidation, car financing, moving expenses, medical fees and tuition. The average personal loan in California is $16,790. To choose a personal loan lender, check your credit score, monthly income, and debt-to-income ratio to know your eligibility.

To find the best personal loans in Sacramento, MoneyGeek suggests following these steps:

1
Ask Yourself the Important Questions

Before applying for a personal loan, it’s important to evaluate your current financial situation and assess your need for a loan. Knowing information, like your credit score, desired loan amount, capacity to make monthly payments and existing debt, will help you narrow down your list of potential lenders. At a minimum, you should answer the following questions:

  1. How much funding do I need?
  2. What is my credit score?
  3. Can I afford the monthly payment?
  4. How much debt do I already have?
2
Do Your Research

Before submitting a loan application, you should compare different lenders for their rates, loan limits and requirements to find the best one for your financial situation. MoneyGeek’s guide is a good place to start, but completing your own research will help you find the best personal loans in Sacramento that meet your unique needs.

3
Wait

After you’ve selected your preferred lender, it’s best to wait a day or two before applying for a loan. A personal loan is a long-term commitment, so you should be confident that it’s the best financial path for you. During this time, you can explore alternative options for funding. Depending on the funding amount and urgency of your need, you might be better off borrowing from friends and relatives or simply saving up over time or borrowing from friends and relatives.

4
Read the Fine Print

While it may be common to overlook some details when checking out personal loans from different lenders, ensure that you genuinely understand the terms and conditions. There may be hidden fees that you may find out once you sign the loan application.

Once you choose a lender, you should research their fees, including prepayment penalties, late fees and origination fees. Paying attention to the details can save you a lot of money in the long run. If you have any questions, you can always contact the lender for clarification.

5
Apply

At this point, you should feel confident in your choice of lender and have gathered all the necessary information to apply. Identity verification, address and proof of income are standard requirements for lenders during the loan application process. Even if it may be more convenient to apply online, you can also call or visit the lender in person.

What to Do if You Can’t Get a Personal Loan in Sacramento

If your loan application is rejected, you should reach out to the lender and ask why your application was denied. Loans can be denied due to an insufficient credit score or income. In some cases, you may be able to modify your application, by either shortening the loan terms or reducing the loan amount, to gain approval.

It’s critical that you find out why your application was rejected so that you can improve it before applying with a different lender. The more loan applications you submit, the greater the chance that your credit score will be negatively impacted.

We strongly advise against getting a payday loan. These loans feature very high-interest rates and short repayment terms. If you fail to pay, you may be liable for any unpaid interest plus the balance amount. Late payments may result in a collection agency contacting you, which negatively affects your credit.

Frequently Asked Questions About Personal Loans in Sacramento

Your specific needs and various credit and income considerations will determine the best personal loan lender in Sacramento for you. We've answered some of the most frequently asked questions about personal loans in Sacramento, CA.

What is the best personal loan lender in Sacramento?
Which lender in Sacramento has the lowest interest rate?
Can I use a personal loan for vacations in Sacramento?
Can I use a personal loan for home improvement in Sacramento?
What can I not use my personal loan for in Sacramento?
How much can I borrow in Sacramento?
How long does it take to get a personal loan in Sacramento?
Can I pay off my loan early in Sacramento?

Our Personal Loan Methodology

We evaluated over 30 personal loan lenders based on 35+ individual data points in six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility, and lender transparency.

We considered several individual data points within each ranking criteria category that we believe carry the most weight when selecting a personal loan lender. These factors are APR ranges, available loan amount, minimum credit score, income amount, application fees, and disbursement time.

We value you, the consumer, at MoneyGeek, so we consider each lender's customer service, business ratings, and additional features that could make your experience easier and more accessible, such as prequalification, payment options, and mobile apps.

Our selections are made after careful consideration and calculation, with your best interests in mind. Our loan recommendations and expert advice assist you in making the best decision when selecting a lender that meets your requirements.

sources
Shield Insurance

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.

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